Earnings per Common Share

The following is a summary of the elements used in calculating basic and diluted earnings per common share for the three and six months ended June 30, 2013 and 2012:



For the Three Months Ended June 30,	2013			2012
Net income attributable to Maiden common shareholders	$	20,205		$	14,541
Amount allocated to participating common shareholders ⁽¹⁾	(26		)	—
Net income allocated to Maiden common shareholders	$	20,179		$	14,541

Weighted average number of common shares outstanding – basic	72,454,400			72,258,550
Potentially dilutive securities:
Share options and restricted share units	1,229,901			782,376
Weighted average number of common shares outstanding – diluted	73,684,301			73,040,926
Basic earnings per share attributable to Maiden common shareholders:	$	0.28		$	0.20
Diluted earnings per share attributable to Maiden common shareholders:	$	0.27		$	0.20

9. Earnings per Common Share (continued)



For the Six Months Ended June 30,	2013			2012
Net income attributable to Maiden common shareholders	$	45,191		$	34,918
Amount allocated to participating common shareholders ⁽¹⁾	(68		)	—
Net income allocated to Maiden common shareholders	$	45,123		$	34,918

Weighted average number of common shares outstanding – basic	72,435,982			72,242,440
Potentially dilutive securities:
Share options and restricted share units	1,160,812			821,219
Weighted average number of common shares outstanding – diluted	73,596,794			73,063,659
Basic earnings per share attributable to Maiden common shareholders:	$	0.62		$	0.48
Diluted earnings per share attributable to Maiden common shareholders:	$	0.61		$	0.48

(1) This represents earnings allocated to the holders of non-vested restricted shares issued to Company's employees under the 2007 Share Incentive Plan.

As of June 30, 2013, 1,750,300 share options (June 30, 2012 - 2,120,257) were excluded from the calculation of diluted earnings per common share as they were anti-dilutive.